China Market ekes out modest gains

The Mainland China share market eked out gains on Thursday, 22 July 2021, as gains in financials, properties, and materials stocks outweighed losses in healthcare stocks.

At closing bell, the benchmark Shanghai Composite Index added 0.34%, or 12.07 points, to 3,574.73. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.45%, or 11.32 points, to 2,503.85. The blue-chip CSI300 index rose 0.15%, or 7.71 points, to 5,151.75.

Sentiment in the property sector was boosted after developer China Evergrande Group said it had solved legal disputes with China Guangfa Bank and that the two sides would deepen business cooperation.

CURRENCY NEWS: China yuan went up to one-week high against the dollar on Thursday, inline with firmer fixing by central bank. Prior to market opening, the PBOC set the midpoint rate CNY=PBOC at a one-week high of 6.4651 per dollar, 184 pips or 0.28%, stronger than the previous fix of 6.4835. The spot market CNY=CFXS was changing hands at 6.4664, 21 pips firmer than the previous late session close.

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